ECB Worries Over Euro Strength, Trade War Risk

ECB members considered that a strong euro may weigh on inflation outlook and that developments in foreign exchange markets continued to be a significant source of uncertainty, minutes from the ECB's March meeting showed. Also, policymakers voiced concerns over geopolitical tensions, the risk of increased trade protectionism and the unclear impact of the United Kingdom’s withdrawal from the EU.

Excerpts from the Account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 7-8 March 2018:

Overall, while the increased confidence called for a gradual adjustment in the Governing Council’s communication, prudence, patience and persistence with regard to monetary policy remained warranted for underlying inflation pressures to continue to build up and support headline inflation developments over the medium term.

Members also broadly concurred with the assessment by Mr Praet that financial conditions remained very favourable but had tightened somewhat since the January monetary policy meeting on account of weaker equity markets, an appreciation of the euro and an uptick in market interest rates. It was remarked that the tightening in financial conditions also had to be seen against the background of improvements in macroeconomic conditions and, hence, may not necessarily imply a more restrictive monetary policy stance. Moreover, the pass-through of the ECB’s monetary policy measures continued to provide significant support to borrowing conditions for firms and households. At the same time, some caution was voiced, as the more recent developments in the euro exchange rate and in financial conditions in part reflected changing perceptions about monetary and fiscal policies, domestically and globally, as well as rising risks of protectionism and heightened market sensitivity to communication, rather than further improvements in domestic economic fundamentals. Against this background, developments in the exchange rate and financial conditions required monitoring with regard to their possible implications for the inflation outlook.

It was seen as encouraging that the latest ECB staff projections appeared to remain consistent with inflation converging to levels below, but close to, 2% over the medium term, also confirming the outlook contained in previous projection exercises. Moreover, growth rates well above current estimates of potential growth and the corresponding increase in capacity utilisation were seen as strengthening confidence in the currently expected inflation path.

At the same time, recent inflation outturns had remained some distance away from the Governing Council’s inflation aim and the incoming information continued to point to muted price pressures overall. Moreover, while confidence in the inflation outlook had increased, it was still seen as subject to a number of uncertainties, related mainly to the degree of remaining economic slack and risks emanating from the global environment as well as developments in foreign exchange and other financial markets.

Looking ahead, there was broad agreement on the main elements put forward by Mr Praet in his introduction. The course of monetary policy would remain firmly guided by the Governing Council’s continuous assessment of the progress made towards a sustained adjustment in the path of inflation based on the three criteria of convergence, confidence and resilience. In particular, once the Governing Council judged that the criteria for a sustained adjustment were met, the net asset purchases would expire in line with the conditionality expressed in the forward guidance on the APP.

It was recalled, as on previous occasions, that, beyond the horizon of the net asset purchases, the monetary policy support still necessary for inflation to converge to the inflation aim would be provided by the stock of acquired assets, by reinvestments continuing for an extended period of time, and by policy rates remaining at their present levels well past the end of the net asset purchases.

ECB Sees Rates Unchanged Until the End of 2019
The European Central Bank held its benchmark refinancing rate at 0 percent on March 7th and pushed out the timing of its first rate hike in nearly eight years to 2020 at the earliest. Also, the central bank announced a new series of quarterly TLTRO to be launched in September 2019, aiming to preserve favourable bank lending conditions and the smooth transmission of monetary policy; and reaffirmed it will keep reinvesting cash from maturing bonds for an extended period of time.Published on 2019-03-07

ECB Concerns Intensify over Eurozone Growth Outlook: Minutes
ECB officials agreed that monetary policy needed to remain prudent, patient and persistent and recognised that the risks surrounding the euro area growth outlook had moved to the downside, amid geopolitical uncertainties, the threat of protectionism, vulnerabilities in emerging markets and financial market volatility, minutes of the January meeting showed.Published on 2019-02-21

ECB Keeps Monetary Policy Unchanged
The European Central Bank held its benchmark refinancing rate at 0 percent on January 24th and reiterated it expects key interest rates to remain at record low levels at least through the summer of 2019. The central bank brought to an end its €2.6 trillion bond purchase scheme last month, but said it will keep reinvesting cash from maturing bonds for an extended period of time. Published on 2019-01-24

ECB Warns of Economic Risks, Uncertain Outlook
ECB officials agreed that the risks to the Euro Area outlook could still be assessed as broadly balanced, but that the balance of risks was moving to the downside owing to the persistence of uncertainties related to geopolitical factors, the threat of protectionism, vulnerabilities in emerging markets and financial volatility, minutes of the ECB's December meeting showed. Policymakers also suggested revisiting the contribution of TLTRO to the monetary policy stance moving ahead.Published on 2019-01-10

ECB Holds Rates, Confirms End of QE
The European Central Bank held its benchmark refinancing rate at 0 percent on December 13th and confirmed the end of its €2.6 trillion bond purchase scheme later this month, while it will keep reinvesting cash from maturing bonds for an extended period of time. Policymakers also reiterated they expect key interest rates to remain at record low levels at least through the summer of 2019.Published on 2018-12-13

ECB Reaffirms Plan to Cut Stimulus Despite Weak Data
ECB officials confirmed that the central bank would end its net asset purchases at the end of December as the risks surrounding the Euro Area growth outlook could still be assessed as being broadly balanced despite weaker than expected data during the third quarter, minutes from the ECB's October meeting showed.Published on 2018-11-22

ECB Leaves Monetary Policy Unchanged
The ECB held its benchmark refinancing rate at 0 percent on October 25th and said it will continue to make net purchases under the asset purchase programme at the new monthly pace of €15 billion until the end of December 2018. Policymakers expect key interest rates to remain at record low levels at least through the summer of 2019.Published on 2018-10-25

ECB Shows Concerns Over Protectionism and EM Volatility
ECB policymakers consider that risks to the Euro Area growth outlook were broadly balanced and the economy shows a considerable degree of domestic resilience. However, risks related to rising protectionism, vulnerabilities in emerging markets and financial market volatility gained more prominence recently, minutes from the ECB's September meeting showed.Published on 2018-10-11

ECB Confirms Halting QE Programme
The ECB left its benchmark refinancing rate at 0 percent on September 13th 2018, in line with market expectations and confirmed that the monthly pace of the net asset purchases will be reduced to €15 billion from September to December 2018, and will then end.Published on 2018-09-13

ECB Policymakers See Slower Growth as Temporary
ECB officials viewed slower-than-expected growth in the second quarter as temporary and affirmed they were more confident inflation will return to levels consistent with their goal of just under 2 percent in coming months, minutes from the ECB's July meeting showed.Published on 2018-08-23

ECB Leaves Monetary Policy Unchanged
The ECB held its benchmark refinancing rate at 0 percent on July 26th and reiterated that the monthly pace of the net asset purchases will be reduced to €15 billion from September to December 2018, and will then end. The central bank also said it expects key interest rates to remain at record low levels at least through the summer of 2019.Published on 2018-07-26

ECB Rates Set to Remain at Current Levels as Long as Needed
ECB officials agreed that policy rates would be kept at their present levels at least through the summer of 2019 and in any case for as long as necessary to ensure that the evolution of inflation remained aligned with a sustained adjustment path, minutes from the ECB's June meeting showed. Also, policymakers noted that, although the risks surrounding the euro area growth outlook had remained broadly balanced overall, risks related to global factors, including the threat of increased protectionism, had become more prominent.Published on 2018-07-12

ECB Monetary Easing Has Been Effective
Monetary policy has been effective and confidence in the inflation path is rising, Mario Draghi told the European Parliament on Monday. He also said that the aggressive monetary easing implemented in 2014 will have an overall cumulative impact of around 1.9 percentage points on both Euro Area real GDP growth and inflation for the period between 2016 and 2020.Published on 2018-07-09

ECB Announces an End to its Bond Buying Programme
The ECB held its benchmark refinancing rate at 0 percent on June 14th and said the monthly pace of the net asset purchases will be reduced to €15 billion from September to December 2018, and will then end. The central bank also said it expects key interest rates to remain unchanged at least through the summer of 2019.Published on 2018-06-14

ECB Shows Concerns Over Global Uncertainty
ECB policymakers said risks to economic growth in the Eurozone continued to be broadly balanced, but those related to global factors including protectionism, had become more prominent, minutes from the ECB's April meeting showed.Published on 2018-05-24

ECB Holds Rates as Expected
The ECB held its benchmark refinancing rate at 0 percent on April 26th as expected, and reaffirmed that the net asset purchases are intended to run at a monthly pace of €30 billion until the end of September, or beyond, if necessary.Published on 2018-04-26

ECB Worries Over Euro Strength, Trade War Risk
ECB members considered that a strong euro may weigh on inflation outlook and that developments in foreign exchange markets continued to be a significant source of uncertainty, minutes from the ECB's March meeting showed. Also, policymakers voiced concerns over geopolitical tensions, the risk of increased trade protectionism and the unclear impact of the United Kingdom’s withdrawal from the EU.Published on 2018-04-12

ECB Needs Further Evidence Inflation is on Sustainable Path
Monetary policy will remain patient, persistent and prudent as the ECB still needs to see further evidence that inflation dynamics are moving in the right direction, Mario Draghi said in a speech in Frankfurt. Still, policymakers are more confident than in the past that inflation will converge towards the bank's target of below but close to 2 percent over the medium term, he added.Published on 2018-03-14

ECB Holds Rates, Removes Easing Bias from Statement
The ECB held its benchmark refinancing rate at 0 percent on March 8th as expected, and reaffirmed that the net asset purchases are intended to run at a monthly pace of €30 billion until the end of September, or beyond, if necessary. Still, the bank dropped its commitment to increase the size of its QE program by removing the easing bias from its monetary policy message.
Published on 2018-03-08

ECB Members Worry About Euro Strength
ECB policymakers showed concerns about the euro's strength and volatility, which represents a source of uncertainty, minutes from the ECB's January meeting showed. They also agreed that the language pertaining to the monetary policy stance could be revisited in forthcoming meetings, with some members expressing a preference for dropping the easing bias regarding the APP from the Governing Council’s communication.Published on 2018-02-22

ECB Holds Rates at Record Lows
The ECB held its benchmark refinancing rate at 0% on January 25th, as expected, and confirmed that the net asset purchases are intended to run at a monthly pace of €30 billion until the end of September, or beyond, if necessary. Policymakers voiced concerns over weak inflation and a surging euro.Published on 2018-01-25

ECB's Monetary Policy Guidance To Be Revisited in Early 2018
ECB policymakers broadly agreed that the language pertaining to various dimensions of the monetary policy stance and forward guidance could be revisited in early 2018, and that communication would need to evolve gradually as the bloc's economy continues to grow, minutes from the ECB's December meeting showed.Published on 2018-01-11

ECB Leaves Monetary Policy Unchanged
The ECB held its benchmark refinancing rate at 0 percent on December 14th, as expected, and confirmed that from January 2018 the net asset purchases are intended to run at a monthly pace of €30 billion until the end of September next year, or beyond, if necessary. The bank raised its inflation forecast for 2018 to 1.4 percent from 1.2 percent previously estimated on higher oil and food prices. The projections for 2017 and 2019 were maintained at 1.5 percent.Published on 2017-12-14

ECB Policymakers Differed on Keeping Bond Buys Open-Ended
ECB policymakers broadly agreed to cut the current asset purchase scheme to €30 billion at the start of 2018 amid growing confidence in the gradual convergence of inflation towards the central bank's target, minutes from the ECB's October meeting showed. At the same time, there were some concerns about the open-ended nature of the asset purchase program, which could generate expectations of further extensions.Published on 2017-11-23

ECB to Cut Bond-Buying to €30 Billion from January 2018
The ECB held its benchmark refinancing rate at 0 percent on October 26th, as widely expected, and decided to reduce its quantitative easing programme to a monthly pace of €30 billion from January with the option of extending it in September 2018.Published on 2017-10-26

ECB Policymakers Discuss QE Extension Scenarios: Minutes
ECB policymakers agreed that a decision on the path of central bank’s policy instruments will be warranted until the end of the year and started to discuss some trade-off between the size and duration of the net asset purchases, minutes from the ECB's September meeting showed. Also, they continued to show concerns about the stronger euro.Published on 2017-10-05

ECB Leaves Monetary Policy Unchanged
The ECB held its benchmark refinancing rate at 0 percent on September 7th, and confirmed the net asset purchases are intended to run at the current monthly pace of €60 billion until the end of December 2017, saying that a very substantial degree of monetary accommodation was still needed to support inflation. However, President Draghi said discussions on tapering QE will likely start this autumn, despite the euro being a source of uncertainty for inflation. Published on 2017-09-07

ECB Policymakers Reveal Concern Over Euro Strength
ECB's policymakers voiced concerns about a possible overshooting in the repricing by financial markets, notably the foreign exchange markets, minutes from the ECB's July meeting showed. The central bank also reiterated that a very substantial degree of monetary accommodation was still needed to support inflation.Published on 2017-08-17

ECB Leaves Monetary Policy Unchanged
The ECB held its benchmark refinancing rate at 0 percent on July 20th, as widely expected, and confirmed the net asset purchases are intended to run at the current monthly pace of €60 billion until the end of December 2017, or beyond, if necessary. Policymakers agreed that economic and monetary analysis confirm the need for a continued very substantial degree of monetary accommodation.Published on 2017-07-20

ECB Opens Door To Removing Easing Bias: Minutes
ECB's policymakers discussed taking out the so called "easing bias" with respect to the APP purchases from their policy message, as the Euro Area economy is expanding at a somewhat faster pace than previously expected and deflation risks had largely dissipated, minutes from the ECB's June meeting showed.Published on 2017-07-06

Factors Weighing On Eurozone Inflation Are Mainly Temporary
While there are still factors that are weighing on the path of inflation, at present they are mainly temporary factors that typically the central bank can look through, President Mario Draghi said at the ECB Forum on Central Banking. Draghi also said that he was confident the current monetary policy has been effective in raising demand and supporting growth, and that any adjustments to the stance have to be made gradually, and only when the improving dynamics that justify them appear sufficiently secure.Published on 2017-06-27

ECB Leaves Monetary Policy Unchanged
The ECB held its benchmark refinancing rate at 0 percent for the eleventh consecutive meeting on June 8th and closed the door to further rate cuts, as the Euro Area economy is expected to expand faster than previously estimated and the risks to the growth outlook are now broadly balanced. The central bank also left the pace of its bond-purchases unchanged, saying a very substantial degree of monetary accommodation is still needed to support inflation in the medium term. Published on 2017-06-08

ECB Is Less Likely To Loosen Policy: Minutes
ECB's policymakers widely agreed that the current monetary policy stance remained appropriate as the outlook for inflation remained fragile while Euro Area's economic recovery was becoming increasingly solid and downside risks had further diminished, minutes from the ECB's April meeting showed. At the same time, the point was made that recourse to non-standard monetary policy measures for providing further accommodation was becoming less likely, in line with the Governing Council’s evolving assessment.Published on 2017-05-18

ECB Leaves Monetary Policy Unchanged
The European Central Bank held its benchmark refinancing rate at 0 percent for the tenth consecutive meeting and left the pace of its bond-purchases unchanged on April 27th, as widely expected. Policymakers confirmed the monthly asset purchases will run at the current monthly pace of €80 billion until March, and from April, they are intended to continue at a monthly pace of €60 billion until the end of the year. Both the deposit rate and the lending rate were also left steady at -0.4 percent and 0.25 percent, respectively.Published on 2017-04-27

ECB Stimulus Still Needed Despite Economic Recovery: Minutes
ECB's policymakers widely agreed that a very substantial degree of monetary accommodation continued to be needed to support growth and inflation, while acknowledging that the economic expansion in the Euro Area had become more robust and that the risks to the economic outlook had become less pronounced, minutes from the ECB's March meeting showed. Still, views were exchanged on whether conditions had already improved to an extent that would allow for an attenuation of the “easing bias” embodied in the ECB's forward guidance while remaining uncertainties continued to call for caution.Published on 2017-04-06

ECB Leaves Monetary Policy Unchanged
The European Central Bank held its benchmark refinancing rate at 0 percent for the ninth consecutive meeting and left the pace of its bond-purchases unchanged on March 9th, as widely expected. Policymakers confirmed the monthly asset purchases will run at the current monthly pace of €80 billion until March, and from April, they are intended to continue at a monthly pace of €60 billion until the end of the year. Both the deposit rate and the lending rate were also left steady at -0.4 percent and 0.25 percent, respectively.Published on 2017-03-09

ECB Simulus Still Needed To Support Growth And Inflation
The ECB's board agreed that the recent trends of a firming economic recovery largely benefited from the current accommodative monetary policy stance and that the central bank’s stimulus was still needed to support growth and inflation, minutes from the ECB's January meeting showed. Policymakers also reiterated that the balance of risks to the economic outlook was seen as remaining on the downside and more decisive contributions from other policy areas were essential to ensure a self-sustaining recovery.Published on 2017-02-16

ECB May Extend QE If Inflation Outlook Worsens
Support from ECB's monetary policy is still needed if inflation rates are to converge towards the 2 percent target in a sustained manner, President Mario Draghi said at the ECON committee of the European Parliament. Draghi also noted that recent pick-ups in inflation were driven by energy prices while underlying inflation pressures remain subdued, and confirmed that the central bank is prepared to expand its record stimulus programme if the inflation outlook becomes less favourable.Published on 2017-02-06

ECB Leaves Monetary Policy Unchanged
The European Central Bank held its benchmark refinancing rate at 0 percent for the eighth straight time and left the pace of its bond-purchases unchanged on January 19th, as widely expected. Policymakers confirmed the monthly asset purchases will run at the current monthly pace of €80 billion until March, and from April, they are intended to continue at a monthly pace of €60 billion until the end of the year. Published on 2017-01-19

ECB Decision To Extend QE Was Not Unanimous
The ECB's board agreed that an extension of its quantitative easing programme until December 2017 at a monthly pace of €60 billion was seen as striking the right balance between providing a signal of confidence and the need to preserve stability in an uncertain environment, minutes from the ECB's December meeting showed. However, the decision was not unanimous, as few members opposed both proposals on the table to continue bond purchases beyond March.Published on 2017-01-12

ECB Extends QE Until December 2017
The ECB held its benchmark refinancing rate at 0 percent for the seventh straight time on December 8th, as widely expected, and extended its programme of quantitative easing until December 2017. Policymakers decided to continue its purchases under the asset purchase programme at the current monthly pace of €80 billion until the end of March 2017. From April 2017, the net asset purchases are intended to continue at a monthly pace of €60 billion until the end of December 2017, or beyond, if necessary. Published on 2016-12-08

ECB Points to Further Stimulus at December Meeting
ECB policymakers agreed on the need to execute its asset purchases in line with its past decisions and to adopt further measures, if needed, to support the Eurozone's recovery and bring inflation back to target, minutes from ECB's November meeting showed. ECB officials also agreed that in December they would be in a better position to form a firmer view on the inflation outlook, as they would have access to the latest incoming data, the new Eurosystem staff macroeconomic projections and the results of the work of the Eurosystem committees on the options to ensure the smooth implementation of the APP until March 2017, or beyond, if necessary.Published on 2016-11-17

ECB Leaves Monetary Policy Unchanged
The ECB held its benchmark refinancing rate at 0 percent for the sixth straight time on October 20th, as widely expected. Both the deposit rate and the lending rate were also left steady at -0.4 percent and 0.25 percent, respectively. Policymakers reiterated they expect the key ECB interest rates to remain at present or lower levels for an extended period of time and confirmed that the monthly asset purchases of €80 billion are intended to run until the end of March 2017, or beyond, if necessary.Published on 2016-10-20

ECB Will Continue With QE Until at Least March 2017
The European Central Bank reiterated its willingness, capacity and ability to act to achieve its inflation target and said there should be no doubt about its determination to execute its asset purchases which would run until March 2017, or beyond, if necessary, minutes from its September meeting showed. Published on 2016-10-06

ECB Keeps Rates on Hold
The ECB left its benchmark refinancing rate unchanged at 0% for the fifth straight time in September, as widely expected. Both the deposit rate and the lending rate were also left steady at -0.4 percent and 0.25 percent, respectively. Policymakers reiterated they expect the key ECB interest rates to remain at present or lower levels for an extended period of time and confirmed that the monthly asset purchases of €80 billion are intended to run until the end of March 2017, or beyond, if necessary. ECB chief Mario Draghi added at his regular post-meeting press conference that the extension of the central bank's bond-buying programme had not been discussed.Published on 2016-09-08

ECB Warns on Increased Uncertainty After UK Referendum
ECB policymakers have said new headwinds had emerged from the outcome of the UK referendum and downside risks had clearly increased, minutes from the last ECB monetary policy meeting showed. Policymakers have also reiterated they were ready to act, if warranted, to achieve its objective, using all the instruments available within its mandate, while not fostering undue expectations about the future course of monetary policy.Published on 2016-08-18

ECB Keeps Rates on Hold
The ECB left its benchmark refinancing rate unchanged at 0% for the fourth straight month in July, as widely expected. Policymakers considered that European markets have weathered the uncertainty experienced in the days after the UK’s referendum with encouraging resilience and that the current monetary policy measures have helped keep market stress contained.Published on 2016-07-21

ECB Says Shock from Brexit Could Be Significant
ECB policymakers considered that the risks to the euro area growth outlook remained tilted to the downside and that the shock from Brexit to the economy could be significant, although difficult to anticipate, minutes from the last ECB monetary policy meeting showed. The central bank again emphasized the need for other policy areas to contribute much more decisively in order to reap the full benefits from the ECB’s monetary policy measures.Published on 2016-07-07

Draghi Steps Up Calls for Euro Area Reforms
Mario Draghi renewed his call for closer Euro Area integration, saying it is necessary that other policy areas contribute more decisively in order to support the full benefits of the ECB’s unprecedented stimulus measures. The cost of delay in implementing the necessary reforms in the Euro Area is that labour and productivity suffer, and the output gap closes in the “wrong way” – instead of output rising towards potential, it is potential that falls towards current output, ECB President said in a speech at the Brussels Economic Forum 2016 on June 9th.Published on 2016-06-09

ECB Keeps Rates at Record Low
The ECB left its benchmark refinancing rate on hold at 0.0% on June 2nd 2016 as widely expected. Both the deposit rate and the lending rate were also left steady at -0.4 percent and 0.25 percent respectively and the central bank confirmed it will start buying corporate bonds on June 8. Policymakers reinforced that rates are expected to stay at present or lower levels for an extended period of time and raised growth and inflation forecasts for this year although warned Q2 2016 growth may be slower than anticipated. Published on 2016-06-02

ECB Says Risks to Growth Have Moderated
ECB policymakers agreed risks to growth have moderated but still tilted to the downside and the focus is on implementing the stimulus package announced in March, minutes from the last ECB monetary policy meeting showed. The central bank also reiterated the need for other policy areas to contribute much more decisively, both at national and European levels, in order to reap the full benefits of the ECB’s monetary policy measures.Published on 2016-05-19

ECB Leaves Rates Steady
The ECB left its benchmark refinancing rate on hold at a record low of 0.0% on April 21st 2016, following a 5bps cut in the previous month and in line with market forecasts. Rates are expected to stay at present or lower levels for an extended period of time, President Mario Draghi said. The asset purchase programme was kept at €80 billion a month but the central bank said will start buying corporate bonds in June.Published on 2016-04-21

ECB Didn't Rule Out Further Rate Cuts
ECB policymakers expect the Euro Area growth momentum to be slower and inflation to be lower for longer than previously anticipated. As a result, the central bank lowered rates to fresh record low and increased the asset purchase program by €20 billion to €80 billion a month in March. Policymakers said that further rate reductions would not be anticipated but did not rule out future cuts, as new shocks could change the outlook for inflation, minutes from last ECB monetary policy meeting showed.Published on 2016-04-07

ECB Cuts Rates to Fresh Record Low
The ECB lowered its benchmark refinancing rate by 5bps to a fresh record low of 0.0% and increased the asset purchase program by €20 billion to €80 billion a month on March 10th 2016. The deposit facility rate was cut by 10bps to -0.4%, the lending facility was lowered by 5bps to 0.25% and a new series of long-term loans to banks was announced. Policymakers said interest rates are expected to remain at present or lower levels for an extended period of time and cut growth and inflation forecasts. Published on 2016-03-10

ECB Sees Increased Risks for Euro Area
ECB policymakers considered necessary to review and possibly reconsider the monetary policy stance at its next meeting in March as downside risks to growth and inflation increased amid uncertainty in emerging market economies, volatility in the financial and commodity markets and geopolitical risks, minutes from the last ECB monetary policy meeting showed. Published on 2016-02-18

ECB Says Ready to Ease in March
The ECB is ready to ease monetary policy in March if financial market turmoil or falling oil prices weigh down further on inflation expectations, President Draghi said before the European Parliament’s Economic and Monetary Affairs Committee on February 15th 2016.Published on 2016-02-15

ECB Leaves Rates Unchanged
The ECB left its benchmark refinancing rate steady at a record low of 0.05 percent and the asset purchase program on hold on January 21st 2016. Policymakers consider current monetary policy measures are working but would need to be re-examined in March as growth and inflation outlook worsened. Published on 2016-01-21

ECB Considered Bigger Rate Cut in December
Some ECB policymakers were in favor of cutting the deposit facility rate by more than 10bps and expanding the volume of asset purchases, minutes from the last ECB monetary policy meeting showed. The ECB lowered the deposit facility by 10bps to -0.3 percent and extended its €60bn asset purchase program until at least March 2017 last month, disappointing markets that were expecting more aggressive easing measures. Published on 2016-01-14

ECB Draghi Confident Euro Area Inflation to Rise
The inflation in the Euro Area will return to 2 percent without undue delay because there can't be any limit to how far the central bank deploys its tools to achieve it, President Draghi said in a speech at the Economic Club of New York on December 4th, suggesting policymakers could set more stimulus packages in next meetings.Published on 2015-12-04

ECB Unveils New Easing Measures
The ECB left its benchmark refinancing rate unchanged at a record low 0.05% on December 3rd, 2015, but lowered the deposit facility by 10bps to -0.3 percent and extended its €60bn asset purchase program until at least March 2017. Published on 2015-12-03

ECB Says Inflation Risks Increased, Considers Further Stimulus
Current monetary policy measures would need to be re-examined in December as negative risks to inflation have increased and some external forces are offsetting the central bank stimulus, minutes from the last ECB monetary policy meeting showed.Published on 2015-11-19

ECB Ready to Act on Price Stability
The ECB will re-examine its monetary policy measures in December and will use further instruments if necessary to bring inflation back to target, President Draghi said addressing the European Parliament’s Economic and Monetary Affairs Committee in Brussels. Draghi also showed further concerns over downside risks stemming from global growth and trade.Published on 2015-11-12

ECB Considers More Stimulus
The ECB left its monetary policy unchanged during the meeting held on October 22nd, but signalled that it would review its asset-purchasing programme in December as stress in emerging markets and possible effects from volatility in the financial markets is posing a risk to the growth outlook. Published on 2015-10-22

ECB Lowers Growth Forecasts, Shows Concerns over China
ECB policymakers expect the Euro Area economy to recover at a slower pace, hurt by a slowdown in China and emerging markets although they were not sure yet about the severity of the impact, minutes from last monetary policy meeting showed. GDP growth projections for the Euro Area were lowered to 1.4 percent in 2015, 1.7 percent in 2016 and 1.8 percent in 2017.
Published on 2015-10-08

ECB Leaves Rates Unchanged
The ECB left its benchmark refinancing rate steady at a record low of 0.05% on September 3rd as widely expected. The central bank also revised down growth and inflation forecasts.Published on 2015-09-03

ECB Leaves Rates on Hold, Raises ELA For Greece
The ECB left its benchmark refinancing rate unchanged at a record low 0.05% and the asset purchase program on hold on July 16th as widely expected. The ECB also decided to raise the emergency liquidity assistance to Greek banks by €900 million over 1 week.
Published on 2015-07-16

ECB Leaves Rates on Hold
The European Central Bank left its benchmark refinancing rate unchanged at a record low 0.05 percent on June 3rd as widely expected and confirmed its projections for the economic growth at 1.5 percent in 2015 and 1.9 percent in 2016.Published on 2015-06-03

ECB Urges for Structural Reforms
ECB President Mario Draghi said structural reforms that reverse the downward drift in potential growth are now vital for the Euro Area and encouraged governments to take further steps to reform their economies in a speech at the ECB annual forum. Published on 2015-05-22

ECB Says QE Working
The ECB considers its bond-buying program is working as intended but stressed a strong signal needs to be sent to Euro Area governments urging them to press with structural reforms, minutes from latest April meeting showed. Published on 2015-05-21

ECB Pledges to Increase Bond Buying in May and June
The ECB would increase asset purchases in May and June to account for lower market liquidity in the summer holidays in July and August, Benoît Cœuré an executive board member said during the speech in London on May 18th.
Published on 2015-05-19

ECB Leaves Rates on Hold
The European Central Bank left its benchmark interest rate unchanged at a record low 0.05 percent on April 15th as widely expected. Policymakers also said the bond-buying program will be maintained as there's clear evidence it is effective.Published on 2015-04-15

ECB to Start QE on March 9th
The ECB will start purchasing euro-dominated public sector securities in the secondary market on March 9th 2015 and continue to purchase asset-backed securities and covered bonds started in 2014.
Published on 2015-03-05

ECB QE Program Supported by Large Majority
ECB’s quantitative easing program was supported by a large majority of voters, the first-ever minutes of a meeting revealed. Policymakers also showed concerns over low inflation.
Published on 2015-02-19

ECB Will Buy 60 Billion Euros of Assets a Month
The European Central Bank announced an asset purchase plan of 60 Billion euros a month and left key interest rates unchanged at record low on January 22nd. The QE programme came bigger than expected, aiming to boost growth and fight low inflation.
Published on 2015-01-22

ECB Quantitative Easing Can’t Save the Eurozone
The ECB is likely to launch purchases of sovereign bonds later this week. The action may kick-start demand and fight deflation in the short term but its impact on growth and inflation is likely to be limited, according to a paper published by the Open Europe.Published on 2015-01-19

ECB Keeps Rates on Hold
The European Central Bank kept interest rates unchanged at record lows and said that monetary stimulus, the expansion of the balance sheet and the outlook for price developments will be only reassess early next year. The bank has also sharply lowered its economic growth forecasts, and stressed that the risks remain on the "downside".
Published on 2014-12-04

ECB Considers Buying Sovereign Bonds
The European Central Bank pledged it is ready to buy government bonds if inflation in the Euro Area fails to rise as anticipated, president Mario Draghi said in a speech during the European Parliament’s Economic and Monetary Affairs Committee meeting.
Published on 2014-11-17

ECB Leaves Rates Unchanged
The European Central Bank left its benchmark interest rate unchanged at a record low 0.05 percent on November 6th. Policymakers also said further stimulus measures were being prepared for use if needed.Published on 2014-11-06

25 Banks Fail ECB Stress Test
On October 26th, 2014 the European Central Bank published the results of a year-long examination of the resilience of the 130 largest banks in the euro area as of 31 December 2013. The so-called stress tests found a capital shortfall of € 25 billion at 25 banks.Published on 2014-10-27

ECB Leaves Rates on Hold, Shifts to Asset Buying
The European Central Bank left its benchmark interest rate on hold at 0.05 percent at its October 2nd meeting, following a 10 bps cut last month. Policymakers also decided to unveil the specifics of a plan to buy asset-backed securities and covered bonds.Published on 2014-10-02

ECB Cuts Rates to Record Low
At its September 4th meeting, the European Central Bank lowered the main refinancing rate by 10 bps to 0.05 percent and cut the deposit facility rate to -0.2 percent from -0.1 percent. The ECB also announced it would start buying securitized debt and covered bonds to ease the flow of bank funding to the economy.Published on 2014-09-04

ECB President Urges for Structural Reforms
In a speech during the Economic Symposium in Jackson Hole, ECB President Mario Draghi showed concerns over high unemployment in the Euro Area and said that the strategy to reduce it has to involve both the euro area and governments. Published on 2014-08-22

ECB Keeps Rates at Record Low
The European Central Bank held its benchmark interest rate at the record low of 0.15 percent for the second month in a row in spite of the weakness of the recovery in the Euro Zone and the threat of a deflation.Published on 2014-08-07

ECB Leaves Rates on Hold
At its July 3rd meeting, the European Central Bank left its key refinancing rate on hold at 0.15 percent, following last month’s cut, despite persistently low inflation. Published on 2014-07-03

ECB Cuts Rates to Record Low
At its June 5th meeting, the European Central Bank cut the main refinancing rate by 10 bps to 0.15 percent and the deposit rate to -0.1 percent, becoming the first major central bank to use negative interest rates.Published on 2014-06-05

ECB Leaves Rates on Hold, Hints Monetary Loosening in June
At its May 8th meeting, the European Central Bank left its main interest rate unchanged at 0.25 percent for the sixth month in a row. However, during the press conference, ECB President Draghi said the bank may loosen monetary policy next month to combat persistently low inflation in the eurozone.Published on 2014-05-08

ECB Holds Rates Steady
At its April 3rd meeting, the ECB left the benchmark interest rate unchanged at a record low 0.25 percent, as widely expected, despite deflation fears. The interest rate on the marginal lending facility and the deposit facility were also left unchanged at 0.75 percent and 0.00 percent, respectively.Published on 2014-04-03

ECB Keeps Monetary Policy on Hold
At its March 6th meeting, the ECB left main rates unchanged for the fourth month in a row in spite of inflation running at less than half its target of 2 percent.Published on 2014-03-06

ECB Leaves Rates on Hold
The Governing Council of the ECB decided on February 6th to keep rates on hold for the third straight meeting, despite a fresh fall in inflation in January. The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility were left on hold at 0.25%, 0.75% and 0.00% respectively.Published on 2014-02-06

ECB Leaves Rates on Hold in December
The Governing Council of the ECB decided on December 5th that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.25 percent, 0.75 percent and 0.00 percent respectively.Published on 2013-12-05

ECB Lowers Benchmark Interest Rate to 0.25%
In its November 7th meeting, The European Central Bank cut its benchmark interest rate to a record low in response to falling inflation across the Euro Area countries.
Published on 2013-11-07

ECB Keeps Rates On Hold in October
At its October 2nd meeting, the Governing Council of the ECB decided to hold the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.50 percent, 1.00 percent and 0.00 percent respectively.Published on 2013-10-02

ECB Maintains Policy Unchanged in September
At its September 5th meeting, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.50 percent, 1.00 percent and 0.00 percent respectively.Published on 2013-09-05

ECB Keeps Rates On Hold in August
In its August 1st meeting, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.50 percent, 1.00 percent and 0.00 percent respectively.Published on 2013-08-01

ECB Keeps Rates Unchanged in July
In its July meeting, the ECB decided to keep its main interest rate unchanged at a record low 0.5% for the second straight month, after a 25 basis points cut in May. Political tensions arising in Portugal and Greece have pushed bond yields up across the region and pressure President Draghi to stick to loose monetary policy.Published on 2013-07-04

ECB Keeps Interest Rates Unchanged
The European Central Bank left its main interest rate unchanged at a record low 0.50 percent on June 6th, waiting for signs of economic recovery in the second half of the year.
Published on 2013-06-06

European Central Bank Keeps Monetary Policy Unchanged in April
In April of 2013, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75 percent, 1.50 percent and 0.00 percent respectively. Published on 2013-04-04

European Central Bank Keeps Monetary Policy Unchanged in March
In March of 2013, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75 percent, 1.50 percent and 0.00 percent respectively. Published on 2013-03-07